Hong Kong has the 2nd most expensive medical insurance globally. Group medical insurance is an attractive benefit from an employee’s standpoint. Whereas for employers, it is a great way to attract and retain talent. While most larger companies would at least have basic group medical insurance, it can be more difficult for SMEs to find a suitable plan. The following are some points to consider when searching for the right group medical insurance plan for your small business.
You must first consider whether your small business is eligible for medical insurance benefits. In Hong Kong, companies with less than 3 employees are usually not qualified for group medical insurance as of right now.
The size of the company is also a factor to consider when choosing a plan for your business. Group medical plans for SMEs usually start with a minimum of 3-5 employees. However, such small plans usually are not able to enjoy premium benefits and require health declaration. For SMEs with 3-50 employees, a more flexible plan is recommended so employers can customize the plan according to the company’s overall needs and financial budget.
There are specific requirements to be considered an employee from the perspective of the insurance company. As long as he/she receives a salary by the company, even the owner of the company is considered as an employee.
If the minimum requirement of 3 employees has not been reached, family members of employees (i.e. dependents) cannot be counted as employees, unless these family members are also employees of the company. Thus the latter will be considered as employees by the insurance company. Businesses with less than 3 employees may need to look into individual medical insurance plans.
Once you have confirmed the eligibility of your company for group medical insurance, there are a few things that you can also think about to help with your decision of which group medical insurance plan to choose.
Many plans have the option of including coverage for dependents which include the spouse and children of the employee. Providing coverage for dependants can be quite an attractive benefit to employees.
The service fees of private hospitals in Hong Kong are set according to the room type. You are in control of which level of coverage you wish to provide. Additional benefits are also available to add on, these may include maternity, body check and comprehensive employee medical benefits (i.e. no sub-limits).
By customizing your plan, you are able to formulate the perfect medical insurance plan for your small business while staying within your budget. For more tips on cost control, check out our 3 Tips to control cost for group medical insurance.
blüüm Group Medical Insurance provides a flexible group medical package plan for SMEs and Startups with plans suitable for small and large teams, starting from 3-100+ employees. Options with no sub-limits for comprehensive coverage are also available. blüüm does not require any health declaration, making it convenient for SMEs and startups. blüüm Hong Kong aims to provide an affordable but high-quality group medical package plan, for more tips visit our Guide to Group Medical Insurance for Employees in Hong Kong SMEs.
These are some points to consider to help you to formulate your group medical insurance plan. We hope that you can find the perfect plan for your business. To learn more about the right group medical insurance for your team, feel free to Whatsapp us at +852 5379 8911 or email us at firstname.lastname@example.org.
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